Ad Astra Rocket Company Costa Rica SRL

What it is

Ad Astra Rocket Company Costa Rica SRL is an aerospace engineering company listed in the technology and energy sector of the Bolsa Nacional de Valores, dedicated to the development of advanced plasma propulsion technology and integrated renewable energy solutions.

Its flagship programme is the VASIMR® — Variable Specific Impulse Magnetoplasma Rocket — an engine that uses superheated plasma, rather than burning fuel, to generate thrust. With a sufficiently powerful electrical supply, VASIMR has the theoretical capability to take a crewed spacecraft to Mars in 39 days — versus roughly eight months for a conventional chemical rocket.

Through its Costa Rica subsidiary, based in the city of Liberia in Guanacaste, the company also develops renewable energy systems, including a full hydrogen energy cycle covering production, storage, and use.

Who owns it

According to SUGEVAL records, Ad Astra received authorisation to participate in the Costa Rican securities market on 14 September 2010, with a registered offering of $750,000 USD. Shares were sold progressively to a broad base of Costa Rican and US private investors; at the extraordinary shareholders’ meeting of 10 December 2025, 83.89% of ordinary share capital — equivalent to 17,750,915 votes — participated.

No single controlling block has been disclosed in any filing reviewed.

The company has approved the issuance of up to 1,000,000 shares under its Costa Rican public offering vehicle, separate from the ~21 million common shares outstanding at the consolidated US parent level. Tsangs Group Holdings is recorded as one institutional investor in the US parent, according to PitchBook.

Who runs it

Dr. Franklin Chang-Díaz serves as Chairman and CEO of Ad Astra Rocket Company, a role he has held since founding the firm in 2005, following a 25-year career as a NASA astronaut. He is a veteran of seven Space Shuttle missions and was the first Latin American immigrant selected by NASA to go to space.

Robert E. Singer serves as Secretary of the Board of Directors, the role through which formal shareholder communications are managed.

Isabel Sánchez serves as Director of Business Strategy and Investment. A separate CFO is not disclosed in available primary sources.

The money, in plain words

This is a pre-revenue, research-stage company — it has never sold a product, only earned fees from government contracts for developing its technology. The VASIMR engine has been funded through a combination of Costa Rican investor capital, US private investment, and non-dilutive contracts with NASA.

From the last audited accounts read directly — for the year ended 31 December 2020 — the company earned $934,355 in research and development income, spent $2.78 million running the business, and recorded a net loss of $1.86 million. By that date its accumulated losses since founding had reached $41.5 million and its liabilities exceeded its assets by $3.25 million — a condition its auditors flagged as a “going concern” risk, meaning there was serious doubt about its ability to keep operating without fresh funding.

The 2024 audited statements are listed on the company IR page but their specific PDF was not publicly accessible for direct reading at the time of writing.

Building the first commercial model of the VASIMR engine — two flight units — is estimated to cost approximately $100 million over four years. That is many multiples of anything the Costa Rican market could realistically supply — which is exactly why the company is changing strategy.

What it is doing now

In October 2025, NASA awarded Ad Astra a $4 million contract to advance VASIMR toward higher technology readiness levels. The company explained to shareholders that the Costa Rican market is too small to finance the final development and orbital demonstration of the VASIMR engine, and that its strategy now positions it to pursue much larger US venture-capital funds.

In December 2025, common shareholders voted to voluntarily delist from the BNV; 82.34% of ordinary share capital voted in favour at the extraordinary meeting of 10 December 2025. However, four shareholders face legal restrictions that prevent them from proceeding; the company has said it will wait until those restrictions are lifted before formalising the exit.

What to watch

• Delisting completion. The voluntary exit from the BNV remains blocked by four shareholders with legal constraints. Resolution will determine when — and how — existing Costa Rican investors can exit or convert their holdings.
• US venture-capital round. The company needs roughly $100 million over four years to build its first commercial VASIMR units; it acknowledges that while much could come from US government contracts, it needs additional private investment. The size and terms of any new round will set the company’s valuation for the first time on a liquid market.
• VASIMR technology readiness. The VASIMR is approaching technology readiness level 5, one step below orbital test. Clearing that milestone with NASA — and the timeline for it — is the single biggest driver of enterprise value.
• Financial disclosure. The 2024 full-year audited accounts were published on the IR page after a prior delay that triggered a regulatory suspension. Investors should verify they are current and read them directly.

This is news, not investment advice.